Business Standard

Made in Iran thrives in economy Trump tried to cripple with sanctions

Small firms are filling the vacuum for consumer goods as Iranians struggle to buy foreign brands

Iran economy
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A combination of the sudden crash in the value of the rial, a huge hit to consumer spending power, and a government ban on hundreds of non-essential goods ripped through the retail industry | Photo: Bloomberg

Golnar Motevalli | Bloomberg
There can’t have been many worse times to start a new business in Iran. Even before officials in the Islamic Republic alerted the public to a major outbreak of the coronavirus, the country started the year in a tense stand-off with the US while its economy was being crippled by sanctions.
 
For a trio of design graduates, a captive market of tens of millions of consumers starved of imports made it worth the risk. Their fashion brand, Koi, has sold thousands of crop tops and striped jeans since July.
 
‘Made in Iran’ has emerged a rare glimmer of hope amid

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